Understanding Demand and Supply
Understanding Demand and Supply
Test your knowledge on the fundamental concepts of demand and supply with our engaging quiz! This quiz covers essential economic principles that are crucial for students and enthusiasts alike.
You'll explore topics such as:
- The nature of demand curves
- Complement and substitute goods
- Price elasticity of supply
- Factors affecting supply and demand
Normally the demand curve will have a _______________ shape.
Upward sloping
Downward sloping
Vertical
Hame nhi pata
Law of demand shows a relation between the
Quantity demand and quantity supply of a commodity
Income and quantity demand of a commodity
Income and price of a commodity
Price and quantity of a commodity
Which of the following is a complement product to peanut butter?
Sugar
Jelly
Mustard
Soda
Expansion of demand is associated with
Rise in price,rise in quantity demanded
Fall in price fall rise in quantity demanded
Fall in price rise in quantity demanded
Rise in price fall in quantity demanded
There is sudden change in climatic conditions in hot weather assuming no change in price of cold drink it will lead to
Upward movement along same market demand curve
Downward movement along same market demand curve
Rightward shift in market demand curve
Leftward shift in market demand curve
Expansion in demand lead to
Rightward shift in demand curve
Downward movement along the demand curve
Upward movement along demand curve
None of these
Ceteris paribus means(hots type question
Holding supply constant
Holding demand constant
Price being constant
Other factors for being constant
Price of good x rises and it leads to fall in demand for good y then 2 goods are
Substitute goods
Complementary goods
Normal goods
Inferior goods
In the long period, the supply for a commodity is:
Perfectly Inelastic
Less Elastic
Highly Elastic
Which one of the following is an essential element of supply?
Price of the commodity
Period of time
Willingness to buy
Quantity of the commodity
Which one of the following is not the result of an increase in the price of factors of production?
Rightward shift in the supply curve
Leftward shift in the supply curve
Expansion in supply
Contraction in supply
In the case of __________, supply curve is a vertical straight line parallel to the Y-axis.
Perfectly Elastic Supply
Unitary Elastic Supply
Perfectly Inelastic Supply
In the case of ____________, supply falls at the same price.
Decrease in supply
Increase in supply
Price Elasticity of Supply of good is 2. It shows that:
When Price falls by 1%, supply falls by 2%
When the price rises by 1%, supply rises by 2%
When supply falls by 1%, price rises by 2%
Either a) or b)
Change in the price of the given commodity will lead to:
Expansion in supply
Either a) or c)
Contraction in Supply
Neither a) nor b)
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